Cashless payments are developing rapidly in Vietnam, especially after the Covid-19 pandemic, with transactions via banks averaging 40 billion USD per day, according to Pham Anh Tuan, Director of the State Bank of Vietnam (SBV)’s Payment Department.
Speaking at a recent seminar held as part of Cashless Day 2023, Tuan said that the central bank has set a goal of making cashless payments account for half of all transactions by 2025.
It will prioritise the establishment of a more comprehensive, accessible, and secure payment infrastructure across the country to make digital payment a preferred mode of transactions for all.
The central bank is also drafting a new decree to create a legal framework to promote non-cash payments, he added.
According to an SBV report, more than 75% of adults across the country currently have a bank account.
Interbank electronic payment transactions increased by 52.8% year-on-year in terms of volume in the first four months, it said.
Payment via QR code had the most impressive growth with an increase of more than 161% in quantity and 36% in value.
Cash withdrawals at ATMs continued to decline, falling by 3.5% in quantity and 5.5% in value.
89 businesses make loan payment per Resolution No.68 on time
(BGO) – 89 out of 91 employers in Bac Giang province
borrowing capital to pay for labour’s severance salary and production recovery in
2022 per Resolution No.68 made the loan payment on time, reported the Bac Giang
branch of Social Policy Bank (SPB).
Bac Giang enterprises take great efforts on production and business with high tax payment
(BGO) – Amid severe impact of Covid-19
pandemic last year, many enterprises and entrepreneurs in Bac Giang province
took great efforts to recover the difficulties, maintain and accelerate
effective production and business and well implement taxation policy to the
State. Many were honored by the taxation sector with reward for sharp increase
revenue and high tax payment.
Over 99% of enterprises apply for electronic tax payment
As of July 15, an estimated 850,444 enterprises, equivalent to 99.3% of the total enterprises in Vietnam, had registered to use the electronic tax payment service with tax agencies, according to the General Department of Taxation.
Promoting online payment towards digital citizens
- Cashless payment is now popular in social life. In Bac Giang, Party
committees and authorities at all levels are focusing on communications to
increase the percentage of people accessing and using this form of payment,
thus promoting the formation of digital citizens and a digital society.
Noncash payment accelerated in Bac Giang
(BGO) – In the first six month of this year, about 200 trillion
VND (8.6 billion USD) transaction were made by noncash payment in Bac Giang
province, year on year sharp increase.